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22 June 2024

Executive Office of Anti-Money Laundering and Counter Terrorism Financing releases its first annual report edition 2023

Published
By WAM

The Executive Office of Anti-Money Laundering and Counter Terrorism Financing (EO AML/CTF) has released for the first time its Annual Report, providing an in-depth overview of the United Arab Emirates’ robust efforts and strategic initiatives in the fight against financial crime to safeguard the integrity and sustainability of its financial and economic systems.

The report highlights the UAE's progress in combating money laundering and the financing of terrorism. It outlines roles of national entities, including the Higher Committee Overseeing National Strategy on Anti-Money Laundering and Countering Financing of Terrorism, and the EO AML/CTF as the national coordinatior, alongside various entities, committees and working groups from supervisory authorities and law enforcement agencies that contribute and enhance the effectiveness and sustainability of the national AML/CFT framework.

Commenting on the publication of the annual report, Hamid AlZaabi, Director General of the EO AML/CTF, said, “With our 2023 annual report, we reaffirm the UAE’s dedication and commitment to transparency, international cooperation and continuous improvement in the fight against financial crime. The UAE remains steadfast in its mission to uphold financial integrity, protect the global financial system, and contribute to international security and stability. I am confident that the detailed information in this report by the EO AML/CTF is of interest and value to our domestic stakeholders and our international partners, demonstrating the UAE’s commitment to evidence-based communication.”

The report highlights the accomplishments of the EO AML/CTF to ensure cohesive AML/CFT strategies across the nation, identification and mitigation of financial crime risks in collaboration with international bodies and actively engaging in global forums dedicated to combating these threats. It also showcases initiatives aimed at enhancing the capabilities of national partners and the progress achieved in the outcomes of the EO AML/CTF’s efforts locally and globally.

The concluding section of the report details the contributions of various competent authorities in the UAE, focusing on progress in meeting international AML/CFT standards. It underscores the UAE’s progression in Mutual Evaluation processes and the successful completion of the UAE’s Financial Action Task Force (FATF) Action Plan. Additionally, it outlines efforts to enhance legal measures and institutional capacities, conduct ongoing assessments to mitigate risks, and implement effective measures against financial crimes. The report also presents achievements bolstering international cooperation and strategic engagements, and collaboration with international organisations and various jurisductions in combating money laundering and the financing of terrorism.

The report emphasises the role of innovation and technology in enhancing the EO AML/CTF’s capabilities, showcasing how modern solutions are being integrated into the national strategy, ensuring the agility of smart systems in anticipating and effectively responding to the risks of financial crime. The report further emphasised the Emiratisation recruitment rate at the EO AML/CTF, particularly in terms of gender equality. It revealed a split of 55 percent female / 45 percent male among hires.